Others Deposit Products

Below are various current, savings and term deposit products offered by Askari Bank.

1. Current Deposit Account (CDA)

CDAs can be opened by individuals (either singly or jointly), proprietorship concerns, partnership firms, public and private limited companies (including guarantee limited & single member companies) government organizations, corporations, clubs, societies, associations, NGOs/NPOs/charitable organizations etc. It can be opened in Pak rupees as well as in foreign currencies.

Features (Pak rupee account) Features (foreign currency account)
  • Minimum account opening deposit of Rs.5,000
  • No minimum balance requirement
  • Visa Debit card
  • I-Net banking
  • Can be opened in USD, GBP, EUR, JPY & AED
  • Minimum account opening deposit of US$500 or equivalent
  • Account closing charges apply as per Schedule of Charges

2. Basic Banking Account (BBA)

A BBA specifically caters to the banking needs of students, pensioners and salary account of individuals with low incomes. BBA can be opened in Pak rupees only

 Eligibility
A BBA can be opened by individuals belonging to the following categories:

  • Low income salaried  individuals
  • Pensioners
  • Students
Features
  • Minimum account opening deposit of Rs.1,000
  • No minimum balance requirement. However, BBA which remains open with zero balance for a period of six consecutive months will be closed
  • No maintenance fee
  • Two free over-the-counter deposit transactions per month
  • Two free cheque withdrawals per month.
  • Unlimited free ATM withdrawals
  • Annual statements of account
  • BBA customers  are facilitated and encouraged to convert their account to Askari AAsan Account or regular current/savings account

1. Profit and Loss Sharing (PLS) Savings Account

PLS savings account is characterized by the fact that profit is payable on monthly average credit balance held in the account.

 Eligibility
PLS savings accounts can be opened by individuals (either singly or jointly), proprietorship concerns, partnership firms, public and private limited companies (including guarantee limited & single member companies) government organizations, corporations, clubs, societies, associations, NGOs/NPOs/charitable organizations etc.
Features (Pak rupee account) Features (foreign currency account)
  • Account opening deposit of Rs.100. However, there is no account opeing deposit requirement for customers falling under following categories:
    1. Mustahkeen of Zakat
    2. Students
    3. Government employees or those employed by semi-government institutions, and recipients of family pension/benevolent fund grant etc, for opening accounts for salary and pension purpose
  • Visa Debit card
  • I-Net banking
  • Profit paid on a biannual basis based on the average monthly balance of the account
  • Profit payments are subject to deduction of withholding tax as per government rules
  •  Opened in USD, GBP, EUR, JPY & AED
  • Minimum account opening deposit of US$500 or equivalent
  • Not subject to deduction of Zakat
  • Profit payments are subject to deduction of withholding tax as per government rules

2. Askari Special Deposit Account (ASDA)

ASDA is well suited to the requirements of customers who require undertaking frequent deposit and withdrawal transactions in their accounts.

 Eligibility
ASDA can be opened by individuals (either singly or jointly), proprietorship concerns, partnership firms, public and private limited companies (including guarantee limited & single member companies), government organizations, corporations, clubs, societies, associations, NGOs/NPOs/charitable organizations etc.
Features
  • Minimum account opening balance of Rs.50,000
  • No minimum balance maintenance requirement
  • Profit calculated on the average monthly balance of the account and credited to the account on the first of every calendar month
    Profit payments are subject to deduction of withholding tax as per government rules

1. Term Deposit Receipt (TDR)

TDRs are placed for a pre-specified fixed term and are mainly distinguished on the basis of their tenor, profit payment frequency, and applicable rate of return.

Askari Bank presently offers TDRs for the following tenors:

  • 1 month
  • 2 month
  • 3 month
  • 6 month
  • 1 year
  • 2 year
  • 3 year
  • 5 year
 Eligibility
Placement of funds in TDR is accepted from existing account holders only. Customers include individuals (either singly or jointly), proprietorship concerns, partnership firms, public and private limited companies (including guarantee limited & single member companies) government organization, corporations etc.
Features
  • Profit on TDRs is paid on completion of its prescribed term or pre-determined profit payments frequently
  • Customers may request to roll-over the entire TDR amount (with or without profit) or a part thereof, for a similar term
  • The rate of profit applicable to TDRs is declared by the bank after the end of each half-year, ending on June 30 and December 31
  • TDRs are subject to deduction of Zakat as per the Zakat & Ushr Ordinance of 1980
  • Profit payments on TDRs are subject to deduction of withholding tax as per government rules

2. Short Notice Deposit Receipt (SNDR)

SNDR is used for placement of funds for a short period, ranging from 7 to 29 days.

 Eligibility
Placement of funds in SNDR  is accepted from existing account holders only. Customers include individuals (either singly or jointly), proprietorship concerns, partnership firms, public and private limited companies (including guarantee limited and single member companies) government organizations, corporations etc.
Features
  • SNDRs can be booked with a minimum balance of Rs.5,000
  • Profit on SNDRs is paid upon maturity
  • If not encashed by the customer, SNDRs are rolled-over for a similar term

For further details, please contact the nearest AKBL branch.